Merger of Outokumpu Steel Oyj (FI) and Avesta Sheffield AB (SE) into AvestaPolarit Oyj (FI) — SEK 12.5 billion

Carnegie acted as financial adviser to Outokumpu Steel Oyj and manager of the exchange offer to the shareholders of Avesta Sheffield AB in the merger of Outokumpu Steel Oyj and Avesta Sheffield AB into AvestaPolarit Oyj. The combined market capitalisation amounted to SEK 12.5 billion.January, 2001.